This paper studies the role of detrended wealth in predicting stock returns. We call a transitory movement in wealth … we find that these trend deviations in wealth are strong predictors of both real stock returns and excess returns over a …. Why should wealth, detrended in this way, forecast asset returns? We show that a wide class of optimal models of consumer …

How do aggregate wealth-to-income ratios evolve in the long run and why? We address this question using 1970 … able to extend our analysis as far back as 1700. We find in every country a gradual rise of wealth-income ratios in recent … growth, in line with the β=s/g Harrod-Domar-Solow formula. That is, for a given net saving rate s= 10%, the long run wealth …

This article offers an overview of the empirical and theoretical research on the long run evolution of wealth and … inheritance. Wealth-income ratios, inherited wealth, and wealth inequalities were high in the 18th-19th centuries up untilWorldWar …, the long run magnitude and concentration of wealth and inheritance are an increasing function of r — g, where r is the net …

wealth elasticities of demand for a range of assets and liabilities. We test the frequently made assumption of constant …